ECR Pharmaceuticals Announces Re-launch of Zolpimist® and DexPak®, Divestiture of Hylase® and Orbivan® Brands, and Dr. Cameron Durrant Named President and CEO Business Wire AMITYVILLE, N.Y. -- April 30, 2013 Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) today announced that its ECR Pharmaceuticals division re-launched Zolpimist® Oral Spray (zolpidem tartrate) and DexPak® Taperpaks (dexamethasone tablets) through its proprietary sales force at a series of launch meetings commencing this week. Additionally, ECR has divested its interest in non-core products Hylase® and Orbivan®. Hylase was divested for a one-time payment in January, and Orbivan® was divested in March for $500,000 over two payments and an ongoing royalty stream. Cameron Durrant, MD, MBA, recently named President and CEO of ECR Pharmaceuticals, commented: “I am thrilled to be a part of ECR, having spent several months consulting with the organization. ECR is executing against a clear strategy, part of which includes divesting or partnering non-core assets, while rigorously focusing on key assets, such as Bupap®, Tussicaps®, Zolpimist® and Dexpak® and ensuring these brands are fully optimized in the large markets in which they compete. We will continue to explore opportunities to grow and build capability in the markets in which we compete and divest or partner non-core assets,” he continued. Prior to being named to this position, Dr. Durrant served as chairman and director on the boards of numerous companies, and operated as CEO/interim CEO or Executive Chairman for two venture-backed private and two public companies. He has held sales, marketing, strategy, business development, planning and operations roles with Merck and Co. in the United Kingdom, GlaxoSmithKline in the United Kingdom and globally, Pharmacia Corporation for the United States and globally and Johnson and Johnson globally. He has launched or held commercial responsibility for 7 brands which achieved blockbuster status and launched 20 brands, many of them category leaders. Dr. Durrant earned his M.D. from the Welsh National School of Medicine, Cardiff, UK, his DRCOG from the Royal College of Obstetricians and Gynecologists, London, UK, his MRCGP from the Royal College of General Practitioners, London, UK, and his DipCH from the Melbourne Academy, Australia and his MBA from Henley Management College, Oxford, UK. Mr. Reuben Seltzer, Vice Chairman of Hi-Tech stated, "Dr. Durrant has an enviable track record of success both in large pharmaceutical companies and entrepreneurial specialty pharmaceutical areas. We are delighted to have him on board with us and look forward to continuing to grow ECR Pharmaceuticals as a leading branded specialty pharmaceutical company.” Other Information Hi-Tech is a specialty pharmaceutical company developing, manufacturing and marketing generic and branded prescription and OTC products. The Company specializes in difficult to manufacture liquid and semi-solid dosage forms and produces a range of sterile ophthalmic, otic and inhalation products. The Company’s Health Care Products Division is a leading developer and marketer of OTC products for the diabetes marketplace. Hi-Tech’s ECR Pharmaceuticals subsidiary markets branded prescription products. This press release contains certain future projections and forward-looking statements (statements which are not historical facts) with respect to the anticipated future performance of Hi-Tech made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such future projections and forward-looking statements are not assurances, promises or guarantees and investors are cautioned that all future projections and forward-looking statements involve significant business, economic and competitive risks and uncertainties, many of which are beyond Hi-Tech's ability to control or estimate precisely, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, the regulatory environment, including without limitation, reliance on key strategic alliances, availability of raw materials, fluctuations in operating results, loss of customers or employees, the possibility that legal proceedings may be instituted against Hi-Tech and other results and other risks detailed from time to time in Hi-Tech’s filings with the Securities and Exchange Commission. The actual results will vary from the projected results and such variations may be material. These statements are based on management's current expectations and assumptions concerning the future performance of Hi-Tech and are naturally subject to uncertainty and changes in circumstances. No representations or warranties are made as to the accuracy or completeness of any of the information contained herein, including, but not limited to, any assumptions or projections contained herein or forward-looking statements based thereon. We caution you not to place undue reliance upon any such forward-looking statements which speak only as of the date made, except to the extent specifically dated as of an earlier date. Hi-Tech is under no obligation, and expressly disclaims any such obligation, to update, alter or correct any inaccuracies herein, whether as a result of new information, future events or otherwise. Contact: Hi-Tech Pharmacal Co., Inc. William Peters, 631-789-8228 CFO
ECR Pharmaceuticals Announces Re-launch of Zolpimist® and DexPak®, Divestiture of Hylase® and Orbivan® Brands, and Dr.